Tuesday, March 24, 2009

Helluva day yesterday. The evil shorts finally capitulated... and pushed prices thru the declining trendline and passed important resistance in a mad dash for the exits. For such a massive up day volume was rather anemic.

It was an impressive Major Accumulation Day and the fifth consecutive one. However, I belive that short covering has distorted this indicator and 'weakened' it. Real money longs just don't push an entire index up this much. Only hot money getting squeezed acts this way.

How the market reacts on this next pullback will determine the validity of this apparent 'breakout'. Currently, I suspect it may be a 'false' breakout... and for now I'm sticking to my call that this is nothing more than a 'rip your face off' Bear market rally.

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Disclaimer

The Financial Ninja is a collection of my thoughts and opinions about current economic and market conditions. These are not buy and sell recommendations. Use your head and do your own research. This is a forum to stimulate discussion and debate.

About Me

I started trading during the tech bubble when I was still in high school. My trading has financed my education and I have since completed a BA in Economics and an MBA with a concentration in Finance. I have worked as both a proprietary equity and fixed income derivatives trader.